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Volume 2019 - Number 2

January 11, 2019

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Non-Agency MBS Issuance Faded in Fourth Quarter

Production of new non-agency MBS fell sharply in the fourth quarter, ending a year that still set a post-crisis record for new issuance. [Includes three data charts.]

Ginnie's Bright Resigns. Meaning for GSE Reform?

Acting Ginnie Mae President Michael Bright handed in his resignation this week, creating yet another vacancy in the Department of Housing and Urban Development hierarchy, and sparking discussions on what his departure might mean for reform of Fannie Mae and Freddie Mac.

Redwood Set to End a Lull in Prime Non-Agency MBS

Redwood Trust is set to issue the first prime non-agency MBS the market has seen in more than a month. Issuance has all but grounded to a halt after October, but industry analysts expect more volume to flow following the Redwood deal.

Issuance of SFR Securities Expected to Decline in 2019

After hitting a peak in 2018, new issuance of single-family rental securities will likely decline this year, according to industry analysts.

Hedging Losses Likely for Fannie & Freddie in 4Q

Fannie Mae and Freddie Mac, scheduled to report fourth-quarter results in early February, are likely to once again show strong earnings, but the black ink likely will pale a bit from the $6.7 billion they posted (combined) in the third quarter.

SEC Warns Rating Services for Flouting the Rules

Several rating services have received gentle warnings from the Securities and Exchange Commission for failing to follow policies and procedures, according to the latest annual report from the federal regulator.

Annaly Taps Equity Market Again, This Time for $731M

Annaly Capital Management, the largest MBS investing real estate investment trust in the country, is off to a fast start in 2019, unveiling yet another offering of common stock — this one valued at $731.0 million.

Milken Institute Suggests FHFA Reform Sans Congress

Industry observers have generated a steady stream of ideas on how the agency might reform the government-sponsored enterprises administratively rather than wait for Congress.

MBS and ABS Issuance at a Glance: January 11, 2019

MBS and ABS Issuance at a Glance

Poll

Do mortgage lenders really need a new credit-scoring model or is the current FICO system adequate?

It’s fine. Stick with what works.
Time for a change. Borrowers are different today.
Undecided, still assessing the situation.

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